Donegal pension gap has increased by more than 31% in five years to over €927.5 million

Reporter:

Staff Reporter

7 Oct 2016

0

The Donegal pension gap has increased by more than 31% in five years to over €927.5 millionAn analysis of pension savings versus retirement income expectations finds that Ireland’s pension gap has increased by 38% since 2010 compared to an increase of 6% across Europe.The 158,755 residents living in Donegal now have a total pension gap of €927,576,978, a growth of 31% according to the analysis by Aviva.In comparison to the first Aviva Mind the Gap research in 2010. The gap across Ireland has increased by a total of 38%, compared to an increase of 6% across Europe.1Aviva’s second instalment of its landmark Mind the Gap analysis of the pension savings gap across Europe demonstrated that the position in Ireland has become even more severe in the last six years, with Irish people now needing to save an additional €27.8bn a year to close the gap between current pension savings and the income needed to provide an adequate standard of living in retirement. In 2010, the gap in Ireland was €20.2bn. The size of the gap means the current generation of retirees - those due to retire between 2017 and 2057 - will have to save, on average, an additional €12,200 (gross) per annum or €1,017 (gross) per month. This takes account of the State Pension but excludes tax relief on pension savings. This is the second largest savings gap per head of population in the 8 EU countries included in the Report: the UK’s gap is the highest at €13,200 and Germany’s, at €11,600, ranks in third place.

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